May 27, 2023

Stephen Seagal will pay $ 330 thousand fine for participation in the ICO

Stephen Seagal will pay $ 330 thousand fine for participation in the ICO

The Securities and Exchange Commission has charged the actor Stephen Seagal, who promoted the ICO, hiding information about the presence of an advertising transaction with a startup.

In the spring of 2018, Seagal was contactedrepresentatives of the Bitcoiin2Gen (B2G) ICO project. According to the contract, the actor was supposed to receive $ 250,000 in cash and $ 750,000 in B2G tokens for promoting the project on his social networks and for participating as a brand ambassador.

According to information published by SEC 27February, Seagal’s revenue from the promotion was just $ 157,000. Recall that in 2018, the New Jersey Securities Bureau issued an order to terminate the ICO of the Bitcoiin2Gen cryptocurrency platform in connection with fraudulent activities.

The commission’s charge is built around the factthat the actor was hiding information that he received money for advertising the project. Seagal previously stated that promoting a startup was “his own initiative.” Christina Littman, Head of Cyber ​​Business at SEC, said:

Celebrities are forbidden to use their social networks to advertise securities unless they disclose all relevant information about compensation received.

The actor neither confirmed nor denied the charges, but agreed to pay a commission of about $ 330,000 fine. In addition, for three years he is prohibited from participating in the advertising of any securities.

Right now Steven Seagal, who hasSerbian and Russian citizenship, lives in Moscow. In 2018, he became the special envoy of the Russian government, and his main task is to “promote friendly relations” with the United States.

According to the materials